January 24, 2013

Value is in the land, and that value is $101.01 a square foot

How much should land in the Real Bay Area cost, when they aren’t making any more of it?  It’s hard to tell, as most of it is already covered with houses.  But today’s featured property, courtesy of Burbed reader Michael Boltonestater, may help us get an idea.  All together now: Mountain View, so close to Google!

130123-bryant-redfin344 BRYANT Ave
Mountain View, CA 94040
$4,400,000

3 Beds 
1 Baths 
1,216 Sq. Ft.
$3,618 / Sq. Ft.
Built: 1953 
Lot Size: 0.93 Acres 
On Redfin: 1 day
Status: Active
Property Type: Detached Single Family
Stories: 1
Community: Grant
MLS#: 81301915
Style: Traditional, Cottage/Bungalow
View: Neighborhood
County: Santa Clara

3BR/1BA WITH SPACIOUS KITCHEN OVERLOOKING YARD. FEATURES INCLUDE LIVING ROOM WITH REFINISHED HARDWOOD FLOORS, INSIDE LAUNDRY ROOM WITH PANTRY, & APPROVED PLANS FOR REMODEL/EXPANSION INTO SPACIOUS ATTIC AREA. POSSIBLE 4 LOT SUBDIVISION ON APPROXIMATELY 40,000SF LOT (. 93 ACRES). OUTSTANDING DEVELOPMENT OPTIONS WITH ACCESS FROM BRYANT FILOMENA COURT. IDEALLY LOCATED IN WELL ESTABLISHED NEIGHBORHOOD.

130123-bryant-streetviewYou know the agent is just phoning this one in to long list of OPPORTUNITY-minded investors. Otherwise, this house with all its expansion plans could have easily been featured instead of just an aerial shot.  Heck, Google even managed to find something once we realized the Redfin map was pointing to the wrong place (over at Beaumont and Apricot, and wonder why that happened, huh?)

Also look at this very odd cul-de-sac that abuts the property (right underneath the lot on the lower right).  Looks like it only culled half de sac.

130123-bryant-satellite

130123-bryant-view-from-beaumontSo, do you think land in Mountain View in a good zip without the good schools is worth a million for a quarter acre?  Can you make money as a developer when your land costs are that high?  New homes in nearby Enclave at Waverly Park development (the old Pumpkin Patch property) went for $2M+, but they built 53 big houses there.  Hard to get economies of scale when this lot will support four of them.

Perhaps the third time’s a charm for this huge investment opportunity. The buyer is sticking to this price regardless of which agent has the deal.

130123-bryant-history

Comments (9) -- Posted by: madhaus @ 5:04 am

9 Responses to “Value is in the land, and that value is $101.01 a square foot”

  1. wahnny Says:

    Perhaps if they only ask for $888/sqft, they might have better luck!

  2. Divasm Says:

    And don’t forget, if you buy it with Redfin you’d get an almost $50K cash back! Maybe I’ll get it and build a stadium and move a sports team down to where it’s at on the Peninsula.

  3. nomadic Says:

    I wonder if this guy’s luck would improve if he could get the 4s out of the price. Maybe not, given the two 4s in the address. This place is doomed. ;-)

  4. Real Estater Says:

    The Enclave is a model development. I applaud the City of Mountain for enforcing 8000 sf lot requirement. No high density crap here.

  5. Real Estater Says:

    Value is always in the land!

  6. Petsmart groomer Says:

    > Value is always in the land!

    Sold for… $2,820,000.

  7. madhaus Says:

    Holy crap, how did they overprice that so badly? 36% too high? Seriously?

  8. SEA Says:

    Good agents ensure overbidding.

  9. Petsmart groomer Says:

    By the way, the lot in Mountain View was also sold, but only for $4,200,011. No overbidding, but I’m sure the eleven dollars made the difference (I heard there was also an offer for $4,200,008).


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